Altus Group has agreed to sell its Canadian appraisals business to an affiliate of Newmark for an undisclosed price.

The transaction is expected to close on or about March 1, subject to customary closing conditions.

Toronto-based Altus said its Canadian appraisals business will become part of Newmark’s valuation and advisory offering. In addition, Newmark has entered into a multi-year license agreement for global access to Altus’ ARGUS Intelligence platform and other software and data offerings, expanding its performance-analytics software and data subscriptions.

“Altus Group’s divestiture reflects our ongoing efforts to simplify our portfolio and sharpen our focus on core analytics capabilities,” said Mike Gordon, CEO of Altus. “The Canadian appraisals business has played an important role in supporting clients and establishing Altus as a trusted source of market intelligence. We are grateful for the team’s contributions, and we’re confident that as part of Newmark’s global advisory services, the business will continue to thrive, creating meaningful opportunity for both clients and employees while continuing to leverage ARGUS Intelligence and our data offerings.”

Roger Anscher, Newmark’s chief administrative officer, said the deal will bolster the firm’s global platform.

“Newmark’s global valuation and advisory business will be further enhanced with the addition of a premier Canadian business with an exceptional reputation across institutional, lender and public-sector clients,” he said. “This acquisition provides a strong complement to Newmark’s existing brokerage and advisory business in Canada and reflects our continued focus on expanding recurring, advisory-driven revenue streams globally.”

Altus’ Canadian commercial real estate appraisal business has operated for more than 25 years, with eight offices, more than 140 professionals and over 3,000 clients, including institutional funds, REITs, lenders, developers, property owners and public-sector entities.

“We’re delighted to expand our services with the addition of one of Canada’s largest and most respected groups of Accredited Appraiser Canadian Institute (AACI) designees,” said John Busi, president of Newmark’s valuation and advisory group. “Over the past decade, the demand for independent valuation and analytics has grown dramatically, and this acquisition positions Newmark to meet that demand with greater scale, local depth and global connectivity.”

As part of the transaction, Colin Johnston, former president of Altus’ Canadian appraisals business, has been named Newmark’s Canadian head of valuation and advisory services.

The expanded software and data agreement provides Newmark with access to elements of Altus’ suite, including ARGUS Intelligence with the Portfolio Manager add-on capability, Forbury, ARGUS EstateMaster, Reonomy and Altus Data Studio. Altus said it remains committed to investing in and serving the Canadian market with its analytics and data solutions.